Hi. My family just found out we retained the mineral rights to n/2 section 145, block 13, h abstract 283. My elderly Great uncle sold the rights to this land for $1400 an acre. I repeat sold , not leased. I am just trying to give my family an Idea of how badly he was taken advantage of. Thanks in advance for any feedback.
There have been several producers drilling in this area in the past few years, Clayton Williams, Centennial Resources Production, Rosetta Resources, J. Cleo Thompson, and Primexx Operating Corp. all have producing oil/gas wells in this area. Wolfcamp and Trend Area formations are being targeted.
Link to Production Data on well 32997 in Section 22/Block C10 to the North of Section 145:
GIS Map of Reeves County A-283/Section 145/Block 13:
CLICK ON MAP TO ENLARGE
Thanks. Thats good info to have.
If your uncle sold before 2010-2014 that was probably a fair price for minerals and surface depending on the surface use. Although not in the best geology in Reeves County, your referenced area is under aggressive development and i've been involved in sales and leases recently from aggressively managed transactions that could exceed 10 times the amount your uncle got for minerals alone. Its a new business since 2014 and more and more owners are realizing that everyday. It is a seller's market right now but offerers need to be educated to get fair market value.